DEARBORN, Mich.,
29
January
2024
|
10:01 AM
America/Chicago

Michigan Gas Prices Fall Back Below $3 a Gallon

The Michigan state average is down 6 cents from last week

DEARBORN, Mich., (January 29, 2023) - Gas prices in Michigan are down 6 cents from a week ago. Michigan drivers are now paying an average of $2.96 per gallon for regular unleaded. This price is 2 cents more than this time last month but still 51 cents less than this time last year.

Motorists are paying an average of $44 for a full 15-gallon tank of gasoline; a discount of about $14 from 2023's highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million b/d. Meanwhile, total domestic gasoline stocks increased by 4.9 million bbl to 253 million bbl. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited.

At the close of Wednesday’s formal trading session, WTI increased by 72 cents to settle at $75.09. Oil prices rose after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million bbl to 420.7 million bbl. The drop in total stocks signals that tight supply could increase prices if demand grows.

"Michigan motorists are seeing lower prices at the pump as the state average falls below $3 a gallon," said Howard Hughey, Public Affairs Director, AAA-The Auto Club Group. "If demand continues to drop, alongside rising gasoline stocks, these gas price declines could continue through the week."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.99 per gallon, about 4 cents less than last week’s average and 51 cents less than this same time last year.

Click here to view AAA's state and metro gas averages

  • Most expensive gas price averages:  Jackson ($3.02), Ann Arbor ($3.01), Metro Detroit ($2.99)
  • Least expensive gas price averages: Marquette ($2.88), Grand Rapids ($2.88), Traverse City ($2.91)

Find Local Gas Prices

  • Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com 
  • Motorists can find the lowest gas prices on their smartphone or tablet with the free AAA Mobile app. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.

                            CURRENT AND PAST PRICE AVERAGES

                                       Regular Unleaded Gasoline

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2023 Low

2023 High

Record High

National

$3.10

$3.10

$3.08

$3.12

$3.51

$3.07 (Dec. 18)

$3.88 (Aug. 17)

$5.02 (June 2022)

Michigan

$2.96

$2.96

$3.02

$2.94

$3.47

$2.90 (Dec. 31)

$3.92 (Aug. 14)

$5.22 (June 2022)

Detroit

 $2.99 

$3.00

$3.03

$2.96

$3.50

$2.94 (Dec. 31)

$3.88 (Aug. 15)

$5.31 (June 2022)

Click here to view current gasoline price averages

 

 

 

 

 

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 64 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.